The China-based company, a competitor of Bitmain, produces blockchain servers, ASIC microprocessor solutions and the Avalon Bitcoin miner under the slogan “Arm Your Farm for Bitcoin’s Bull Run” for the global market.

According to data compiled by Bloomberg, the Hangzhou, China-based company sold 10 million American depository shares for $9 each on Wednesday. The company expects to sell one million miners in 2020 as Bitcoin’s halving event approaches.

 

Chen Feng, Canaan’s sales director, says big institutions are already invested in Bitcoin mining and multi-million-dollar preorders of miners are reportedly in the pipeline from institutional investors with prices ranging from $1,978 to $774.

The company first tried to go public in mainland China and Hong Kong, with both efforts failing.

Citigroup, China Renaissance Holdings and CMB International Capital led the offerings in the US. The shares are listed on the Nasdaq and are expected to begin trading on Thursday under the ticker name CAN.

 

ADVERTISEMENT

Follow us on Facebook           
Join us on Telegram            Follow us on Twitter



Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.